Commentators continue to warn of the apocalyptic consequences of a default by the US government if the debt ceiling is not raised by politicians in time. Stock markets have continued extending their falls, with major US indices down almost 1% overnight. On a default, Mohamed El-Erian, the CEO of PIMCO said if it were to occur -- and it's a big if -- one would expect a series of legal triggers, potentially transmitting the default to many other markets. In comparison to the global financial crisis, which was triggered by the collapse of Lehman Brothers owing about $500 billion, the US government owes 23 times more in debt standing at about $12 trillion. The Lehman collapse triggered the worst recession since the Great Depression with the US stock market losing half its value.
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